10 Home Renovations That Improve Home Value | Neighbors Federal Credit Union

10 Home Renovations That Improve Home Value


Today is National Financial Awareness Day!

Family, happy daughter with dad doing home repair, paint walls,

So, let’s take a look at some good ways to improve your home value!

CU Insight recently published 10 home improvements that pay off and add to your home value. We think these are some great ways to spend money on something you enjoy that puts money back in your pocket!

And if home improvement isn’t your thing, make sure to check out our Financial Fitness section on our blog! There are always great tips there for everyone.

“Spending a lot of money on major home renovations does not automatically mean your home’s value increases by the amount you invested. Remodeling magazine’s 2018 Cost vs. Value Report reported that the return on investment on major renovation projects has fallen overall.”

“In 2018, the most homeowners can expect to recoup is about 56% of what they spent on renovations. So that$55,000 backyard patio you had built translates to a resale value increase of only about $25,000.”

“So which projects will get you the most bang for your buck? Here are the Top 10”

1. Garage door replacement

Avg. cost: $3,470
Value at Sale: $3,411
Cost Recouped: 98.3% 

2. Manufactured stone veneer

Avg. cost: $8,221
Value at Sale: $7,986
Cost Recouped: 97.1%

3. Deck addition (wood)

Avg. cost: $10,950
Value at Sale: $9,065
Cost Recouped: 82.8%

4. Minor kitchen remodel

Avg. cost: $21,198
Value at Sale: $17,193
Cost Recouped: 81.1%

5. Siding replacement

Avg. cost: $15,072
Value at Sale: $11,554
Cost Recouped: 76.7%

6. Window replacement (vinyl)

Avg. cost: $15,955
Value at Sale: $11,855
Cost Recouped: 74.3%

7. Universal design bathroom

Avg. cost: $16,393
Value at Sale: $11,581
Cost Recouped: 70.6%

8. Bathroom remodel

Avg. cost: $19,134
Value at Sale: $13,422
Cost Recouped:  70.1%

9. Window replacement (wood)

Avg. cost: $19,391
Value at Sale: $13,468
Cost Recouped: 69.5%

10. Roofing replacement

Avg. cost: $20,939
Value at Sale: $14,320
Cost Recouped: 68.4%

 

Check out their full story here!